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August 4, 2020

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How Las Vegas has become a permanent home for many

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The once-transient nature of Las Vegas is changing, and the Valley is becoming a permanent home for more and more residents each year. It’s not just gamblers and retirees—Las Vegas attracts people from all walks of life, including young professionals, families and businesspeople, and it looks like they’re here to stay.

Southern California’s moving in

Based on a sample of 1 million Redfin users, the real estate service reported that in the third quarter of 2018, LA had the third-highest net outflow—the number of residents looking to leave the metropolitan area minus the number of people trying to move in—in the country, behind only San Francisco and New York City. The top out-of-state destination for Los Angelenos was Las Vegas.

The median listing price for a single-family home in Las Vegas is $299,900 compared with $799,250 in LA as of December 31, according to Zillow. And real estate isn’t the only thing that makes living in the Golden State more expensive.

“So many buyers come here after being priced out of California that I call them economic refugees,” said Uri Vaknin, a partner at KRE Capital, which owns the DK Las Vegas portfolio of condos. “In Las Vegas, homes and condos are more affordable, the cost of living is lower, property taxes are lower, there’s no income tax—it goes on and on. Las Vegas has also grown up and become a truly great place to live.”

Who else is moving in?

It’s not just Californians coming to town. Las Vegas has become home to transplants from all over the country.

People from neighboring states, such as Arizona and Utah, move to Nevada in high numbers, and Vaknin notes a high number of transplants from other regions as well. “We’ve seen a lot of people moving from states, such as Hawaii and New York, and cities, such as Portland and Seattle.”

Why Las Vegas?

It’s true, Las Vegas has become a truly great place to live, and the good just keeps getting better. The housing market is healthy, the economy is booming and new industries are coming in, diversifying the community and workforce.

Having multiple professional sports teams has also strengthened the city’s allure, particularly with the success of the Golden Knights and the excitement surrounding the Raiders. “We’ve had buyers purchase because of the Raiders relocating to Las Vegas,” said Shahn Douglas, director of marketing for the DK Las Vegas portfolio of condos.

Our sports teams have also been instrumental in creating a sense of Las Vegas pride, something that will continue to anchor residents and draw new ones in.